28 Point FICO Drop....

So I recently applied for and was approved for the Discover IT card. Before I had the card I was sitting at TU FICO 659 (was happy to be above 650 finally) well now the card has been activated and reported to TU and my score dropped 29 points to 631. Is this just because I added the new account? I thought the added CL ($1000) would actually help by lowering my utilization. I know I took the HP but would canceling the card bring my score back up?

Re: 28 Point FICO Drop....

So I recently applied for and was approved for the Discover IT card. Before I had the card I was sitting at TU FICO 659 (was happy to be above 650 finally) well now the card has been activated and reported to TU and my score dropped 29 points to 631. Is this just because I added the new account? I thought the added CL ($1000) would actually help by lowering my utilization. I know I took the HP but would canceling the card bring my score back up?

Yes if you have a thin file it will do that! Don't worry you score will go back up 3 to 6 months

Re: 28 Point FICO Drop....

So keep it open then? My FICO credit report says my credit history is 12 years, but no info about AAoA, thanks for that suggestion though I hadn't thought about that. I'm recovering from a BK back in 2011 so getting a Discover Card and a FICO above 650 was kind of satisfying, seeing the drop crushed those dreams If 3 to 6 months will help though that's fine with me, I plan to pay the balances off my other cards and use the discover exclusively for a while.

Re: 28 Point FICO Drop....

So keep it open then? My FICO credit report says my credit history is 12 years, but no info about AAoA, thanks for that suggestion though I hadn't thought about that. I'm recovering from a BK back in 2011 so getting a Discover Card and a FICO above 650 was kind of satisfying, seeing the drop crushed those dreams If 3 to 6 months will help though that's fine with me, I plan to pay the balances off my other cards and use the discover exclusively for a while.

Oh yes keep it open the damage is already done and closing it will not help any

Re: 28 Point FICO Drop....

So keep it open then? My FICO credit report says my credit history is 12 years, but no info about AAoA, thanks for that suggestion though I hadn't thought about that. I'm recovering from a BK back in 2011 so getting a Discover Card and a FICO above 650 was kind of satisfying, seeing the drop crushed those dreams If 3 to 6 months will help though that's fine with me, I plan to pay the balances off my other cards and use the discover exclusively for a while.

Also paying your bal down on credit cards will raise your score as your uti goes down! The best way to get a max score is only carry a small bal on 1 card... 1-9% uti

Edit: pay before statements cuts on all but 1! Also you can pay on the one but leave a small bal

Re: 28 Point FICO Drop....

If by chance you are looking at your credit karma TU score, they do not factor in your closed accounts in determining the AAoA. If that is the case, with a thin file, opening a new trade line could really lower your Ck score. My CK score is almost 40 points lower than my actual TU score.

Re: 28 Point FICO Drop....

If by chance you are looking at your credit karma TU score, they do not factor in your closed accounts in determining the AAoA. If that is the case, with a thin file, opening a new trade line could really lower your Ck score. My CK score is almost 40 points lower than my actual TU score.

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